The influential U.S. Chamber of Commerce on Wednesday launched a six-figure ad campaign to moderate House Democrats voting against a $3.5 trillion reconciliation package that warns the bill poses an existential threat to the economy's recovery from the pandemic.
This reconciliation bill represents in a statement 100 bills in one representing every big government idea that s never been able to pass in Congress, said U.S. Chamber of Commerce President and CEO Suzanne Clark. The bill is an existential threat to America s fragile economic recovery and future prosperity. Democrats are currently crafting a $3.5 trillion Bill that seeks to dramatically boost federal investment in education, child care and paid family leave and would be funded by higher taxes on corporations and wealthy Americans.
Although formal legislation has not yet been released, some of the proposals include the change in corporate rates to 28% from 21% reversing a key part of GOP's 2018 tax law. However, given their exceptionally slim margins in both House and Senate, Democrats will need to ensure that every caucus member votes in lockstep to secure the bill's passage.
The Chamber of Commerce joins other business groups including the National Association for Manufacturers NAM and the Business Roundtable to lobby against the proposed tax hikes. In March, Democrats urged the Senate to support the bipartisan infrastructure package of $1 trillion that was approved earlier in the month.
We will not find durable or practical solutions in one bill that is equivalent to more than twice the combined budgets of all 50 states, Clark said. The success of bipartisan infrastructure negotiations provides a much better example for how Congress should proceed in addressing America s problems. Infighting in party politics threatens to derail the reconciliation package and the infrastructure bill: Progressives say that $3.5 trillion is the bare minimum needed to vastly expand the social safety net and combat climate change. Centrists, however, are wary of another multitrillion dollar bill after the coronavirus pandemic pushed the U.S. deficit to a record high.
With their incredibly small congressional majority, Democratic members face a delicate balancing act in pursuing their so-called two-track agenda approving both bipartisan deal and a large tax and spending bill or they risk losing the support of either moderate or progressive members.
meeting with Democratic lawmakers from across the political spectrum on Wednesday in an effort to unite the party and ensure the passage of his $4 trillion economic agenda.
I hope he has the secret sauce, House Majority Leader Biden said Tuesday night of Steny Hoyer. The president of the United States is always an influential figure, and I know he wants both bills passed.